Senco Gold (SENCO) Q2 2026 earnings summary

Executive summary

• Q2 FY26 saw a 300% YoY increase in PAT to INR 48.8 crore and consolidated revenue up 16% YoY to ₹18,262.76 million, with record festive sales in October 2025.

• Year-to-date revenue growth is 25%, with a full-year target of INR 7,400 crore and management confident of surpassing 20% annual growth.

• Retail footprint expanded to 192 showrooms, including new launches in India and Dubai, and the brand maintained its position as India's 2nd most trusted jewellery brand.

• Focus on innovative, lightweight, and budget-friendly designs to meet evolving customer demand and improve ROE and ROCE.

• Financial results for Q2 and H1 FY26 were reviewed and approved by the Board and independent auditors, with no material misstatements.

Financial highlights

• Consolidated revenue for Q2 FY26 was ₹18,262.76 million, up from ₹15,361.15 million YoY; PAT for H1 FY26 was ₹1,534.37 million, up 80% YoY.

• EBITDA margin improved by 340 bps YoY to 6.9% consolidated; adjusted EBITDA for H1 FY26 rose 52% YoY to ₹2,901 million, with margin at 8.6%.

• October 2025 saw record monthly sales of over ₹17,000 million, up 56% YoY.

• Inventory increased to ₹43,091.7 million as of Sep 2025, reflecting festive stocking and higher gold prices.

• Net debt-to-equity ratio is at 0.75, with net debt at ₹15,784 million.

Outlook and guidance

• Management guides for 18%-20% topline growth for FY26 and expects to surpass 20% growth for FY26.

• EBITDA margin guidance for the year is 7.2%-7.4%, with a minimum 7% target for future years.

• Plans to launch 6–8 new showrooms in the remainder of FY26, focusing on product innovation and expansion.